Innovatus Capital Partners Announces Acquisition of Park Center
Lincoln Property Company to Manage and Lease Asset
Dallas, TX (November 4, 2019) – Innovatus Capital Partners, LLC (“Innovatus”) has acquired Park Center at 2400 N. Dallas Parkway, a five-story Class-A office building encompassing more than 236,000 square feet in Plano, Texas. Lincoln Property Company (LPC) of Dallas will provide property management and leasing services for the building.
Park Center is strategically located on the Dallas North Tollway at Park Boulevard. The prime location provides immediate access to the George H. Bush Turnpike (Hwy 190) and quick access to the Sam Rayburn Tollway (Hwy 121). With excellent ingress/egress from DNT and Parkwood Boulevard, Park Center includes an on-site deli, patio and outdoor seating, and ample on-site parking. The property is minutes from an abundance of retail and dining options including at The Shops at Willow Bend, Polo Town Crossing, Legacy West and The Shops at Legacy.
Park Center marks Innovatus’ second acquisition in the Dallas area. Innovatus’ previously purchased Frisco Bridges, which lies approximately 5 miles north of Park Center. “We are pleased to acquire Park Center, a top-quality asset in a highly desirable area, and look forward to working closely with our new tenants there. The purchase of Park Center fits with our strategy to invest in strong growth markets across the United States, and further bolsters our footprint in a high demand and growing market. The property expands our well-located portfolio of U.S. commercial office properties to ten properties currently valued at approximately $600 million,” said Bradley Seiden, Managing Director of Innovatus.
The building is currently more than 95 percent leased to a diverse array tenants, including Learfield IMG College, a leading sports marketing company for intercollegiate athletics; QBE America, one of the largest insurers and reinsurers worldwide; Forescout Technologies, a leader in device visibility and control; and Capital Title of Texas, the largest independently owned title company in the US.
“We are very pleased to provide leasing and management for Park Center, and to provide a quality, Class-A environment for our tenants,” said Andrew Jones, Senior Vice President of LPC Dallas. “The building has been well maintained over the years and we look forward to working with Innovatus to further maximize the property’s potential.”
“This sale marks the eighth (8th) U.S. transaction that Lincoln has completed with Innovatus in just 20 months.” said Lincoln Property Company Executive Vice President Mark Dickenson. “We look forward to continuing our work with Innovatus and driving economic success in their targeted markets.”
Jonathan Napper and Katy Jane Halpin of Cushman and Wakefield represented the seller in the transaction.
About Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Visit www.lpcdallas.com for more information.